Chinese railway group opens ties Tracodi

June 14, 2024 | 14:35

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China Railway Engineering Corporation (CREC) on June 12 signed a cooperation agreement with Tracodi, a subsidiary of Bamboo Capital Group, to invest in and develop transport infrastructure, industrial park infrastructure, and social housing in Vietnam.

Chinese railway group opens ties Tracodi

CREC is the general contractor for the construction of the Cat Linh-Ha Dong Urban Railway project with a total engineering, procurement, and construction contract value of $640 million.

The company also acts as a contractor for the Dak Nong wind power project, with a total value of $18.1 million, and a tyre factory in Tien Giang worth $5 million.

Tracodi has 34 years of operating history across infrastructure construction, quarrying, trading industrial and agricultural products, and labour export. The company is also a general contractor for large-scale industrial, civil, and transportation infrastructure projects.

Under the agreement, the two sides will jointly invest and develop railways, roads, ports, bridges, and more.

With local understanding, Tracodi will focus on developing and implementing projects on schedule and with high efficiency. Meanwhile, CREC will provide advanced technologies and financial resources to support the implementation of projects. The Chinese corporation can also pour capital into Tracodi to co-develop and implement projects of similar interest.

2024 is considered a pivotal year to complete the public investment plan for the 2021-2025 period with important transport infrastructure projects. Meanwhile, the real estate market is expected to enter a recovery cycle this year, which will have a positive impact on the construction and infrastructure industries.

The tie-up between Tracodi and CREC will therefore create a synergy of strength to seize breakthrough opportunities that arise from the market recovery, their leaders said.

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